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Category Archives for "Tax"General Tax Information
Making Tax Digital – Extension
The extent of Making Tax Digital is being increased by the government. The requirement to provide records in the new format is being extended to include over 4 million taxpayers who have business or property income in excess of £10,000 per year. This will also include landlords, sole traders and partnerships involving individuals only. Corporate […]
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What are Capital Allowances?
Capital Allowances are much misunderstood and consequently often left unclaimed, especially by small businesses. What is a Capital Allowance? The capital allowance is an allowance against tax payable for any assets you buy to enable you to run your business. For example, if you’ve bought a new machine to help your manufacturing process, you can […]
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Depreciation – What Is It?
Depreciation is a term that is often used in accounting but usually without any explanation. In a nutshell it is the amount by which a business asset, such as a machine or van, reduces in value over it’s lifetime. The cost of anything that is used in the business can be offset against tax over […]
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2021 Budget – Key Provisions
The 2021 Budget, more than any other of recent times, is key to the recovery of the UK economy which has been hard hit by the effects of the Coronavirus pandemic. The support offered by Government is to be extended but provisions are already being put in place to pay for that support. General Provisions […]
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Know Your Accounting Dates
Accounting dates are not something that should be treated lightly – the penalties for missing deadlines are severe. You need to be aware of them well in advance so that you can be sure of submitting the required information in time. Please note this list is not exhaustive and you should check with your Bookkeeper […]
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HMRC Phishing And Scams
Recently there has been a huge increase in Phishing and Scams with criminals pretending to be HMRC. Some are easy to spot but some are very sophisticated, targeting businesses as well as individuals. HMRC has issued some guidance on what to look for and what to do if you think you are being targeted or […]
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Making Tax Digital
Making Tax Digital is a much used phrase if you run any kind of business, self employed or otherwise. It already affects anyone who is VAT registered and will affect almost every business in the UK by the end of 2020. HMRC’s stated ambition is:- “to become one of the most digitally advanced tax administrations […]
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P11D – What is It?
A P11D form is the means by which an employer notifies HMRC of any employment benefits given to employees. It allows employers to detail the cash equivalents of benefits and expenses that they have provided during the tax year to their directors, and employees earning above a fixed rate. The most common benefits include company […]
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Tax Deductible Expenses
There are lots of tax deductible expenses that you can offset against your business turnover as well as the basic cost of sales such as materials, production, staff and marketing. However there are lots of different rules around them. ‘Allowable Expenses’ differ depending on how your business is set up – for example different rules […]
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The Budget Provisions 2017
Farries Bookkeeping Services like to make sure our clients are well informed on the latest legislation so we have summarised the principal provisions of the 2017 Budget for you The VAT Threshold which will remain frozen at £85,000 for the next two years Business Rates will be indexed to Consumer Price Index from 2018 The […]
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